Track These 3 Numbers To Become A Multi Millionaire

"optimistically try to aim for a 50% savings rate because if you can do that every single year you can buy your freedom and retire in just 7 short years"

"the average American today saves roughly 3.2% of their income"

"if you set your 401k contribution to just 4% per year you're already doing better than the average but you should aim to get that slider up to 15% as quickly as you can"

"the formula is you take your monthly income subtract your expenses divide it by the monthly income multiply by 100"

"A 20% savings rate also means you'll need to work roughly 37 years before you can retire"

"if a person in their 20s can save a couple $1,000 you've essentially front-loaded all the effort because now that couple hundred grand has 30 to 40 years worth of time for compound interest to take place and make you millions of dollars"

"taking my example of $200,000 invested at the average return of 8% which is what the stock market has averaged over the last 100 years and I left it in there for 40 years means that by roughly age 67 I would have over $4 million in my account"

"you take your yearly expenses so if you're spending 4,000 a month which is 48,000 a year you take how much you spend per year and divide it by that 4% rule so 04 remember to move the decimal over two to the left and you get $1.2 million"

"you can also take your yearly expenses number which is 48,000 in this case and multiply it by 25 always 25 again the same rule of 4% and you'll get the same $1.2 million"

"just by spending $8,000 less per year so lowering it down to 40,000 a year you'll need only a million dollar portfolio"